Falcon Buys Linen Platform, Quickly Adds New Facilities
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Falcon Buys Linen Platform, Quickly Adds New Facilities

Century was acquired by Falcon in partnership with its current CEO and third-generation family owner, Dick Smith, who remains a significant minority shareholder of the company

Century provides outsourced linen management services, uniform programs, facility services, and restroom supplies to healthcare, hospitality, and commercial customers across the Northeast regions of the United States

SOURCE: Getty Images

Falcon Affiliates has acquired family-owned Century Linen & Uniform as a new platform in the linen management sector and has completed the add-on acquisition of the New England plant operations (NEPO) from Angelica, a national healthcare linen services provider and a portfolio company of KKR.

Century is a provider of outsourced linen management services, uniform programs, specialty products and value-add services including floor mat service, facility services, and restroom supplies to healthcare, hospitality, and commercial customers across the Northeast regions of the United States.

Source: Century Linen & Uniform

Century was founded in 1915 as Robison & Smith by Frank Robison and Willard Smith. The company’s early operations consisted of picking up household laundry in Amsterdam, New York by horse and buggy. In 2015, to celebrate its 100-year milestone, Robison & Smith was renamed Century Linen & Uniform. Century is headquartered 50 miles northwest of Albany in Gloversville, New York. The company operates a network of 10 facility locations that service more than 2,000 customer locations throughout New York, Massachusetts, Connecticut, Rhode Island, and Vermont.

Century was acquired by Falcon in partnership with its current CEO and third-generation family owner, Dick Smith, who remains a significant minority shareholder of the company.

“As part of a long-term planning process, the future of this company and our family of employees and customers was of critical importance to me – I was not interested in handing over the keys to a typical ‘private equity’ firm or industry competitor,” said Mr. Smith. “Falcon was different from Day 1. It was clear they understood taking care of our employees and serving our customers is at the heart of everything we do here at Century.”

With the add-on acquisition of Angelica’s New England plants, Century’s operating footprint now extends from New York state through Massachusetts, Connecticut, Rhode Island and directly into the Greater Boston area. Century reports that within these geographies are numerous top-ranked healthcare and hospital facilities.

Source: Century Linen & Uniform

“With Falcon’s solid track record of growing businesses over the long-term and supporting their management teams, Century is positioned better than ever before to pursue new opportunities and initiatives,” added Mr. Smith.

“Falcon is excited to invest in and partner with Century, Dick, and the management team to help drive the company’s next chapter of growth,” said Joe Benevento, the managing director of Falcon Affiliates. “Century provides an essential service to its customers and has always taken immense pride in doing so. When it comes to quality, reliability, and responsiveness at the local level, Century has led the way for over 100 years, as evidenced by its long-standing customer relationships, top service and delivery metrics, and ongoing investment in modern facilities and equipment.”

“At Falcon, we focus on human capital, not just financial capital. The foundation of Century’s success has clearly been its people and we look forward to continuing to grow and re-invest in Century’s people, operations, and customers,” added Mr. Benevento.

Falcon Affiliates is an investor in family-owned or founder-led businesses that have $15 to $100 million of revenue and $2 to $10 million of EBITDA. Sectors of interest include value-added distribution, light manufacturing, industrial services and business services. Falcon Affiliates, led by President Will Krusen, is headquartered in Richmond, Virginia, with an additional office in Tampa, Florida.

PNC Mezzanine Capital and Bank of America provided financing to support the acquisitions of both Century Linen and NEPO.

EdgePoint was the financial advisor to Century Linen on this transaction.

© 2022 Private Equity Professional | July 29, 2022

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